For customers, suppliers, and investors, Big Lots has launched a new website that describes the bankruptcy process of the Top 50 retailers.
The Columbus, Ohio-based discounter’s plans are detailed on the website BigStepForBigLots.com, which also includes its selling agreement to a Nexus Capital Management affiliate as part of a court-supervised auction process. With an agreed-upon purchase price of roughly $760 million, which includes $2.5 million in cash plus the amount of debt payback and the assumption of certain liabilities, Nexus is regarded as the stalking horse bidder. Through the Chapter 11 procedure, Nexus’ offer is open to better and higher offers.
The website has parts dedicated to fact sheets, investors, consumers, and vendors. Each section has a letter from President and CEO Bruce Thorn along with commonly asked questions.
In the letter to vendors, Thorn states that Big Lots anticipates having enough cash on hand to meet its obligations as a business during the process, that its stores and e-commerce site will stay open, and that it will pay vendors in full for goods delivered and services rendered following the filing.
Payment for products and services rendered prior to filing will be mediated through the court system, according to the vendor FAQ page. Vendors may submit a Proof of Claim to the court for the amount they feel they are entitled, and Big Lots will notify them of any deadlines and criteria for doing so at a later stage of the process.
The website also mentions that Big Lots’ claims agent, Kroll Restructuring Administration, LLC, maintains a separate website with court documents and other material pertaining to the proceedings.
